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Net profit increased almost 50% to Rs 152 crore, revenue jumps to Rs 4,880 crore

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Net profit increased almost 50% to Rs 152 crore, revenue jumps to Rs 4,880 crore

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IDFC First Bank on Saturday reported a nearly 50 percent increase in its independent net profit of Rs 151.74 crore for the quarter ending September 2021.

The bank had recorded a net profit of Rs 101.41 million in the same quarter of the previous year. Sequentially, there was a net loss of Rs 630 crore in the quarter ending June 2021.

IDFC First Bank’s total revenue during July-September of fiscal year 22 increased to 4,880.29 crore, up from 4,090.87 crore in the same quarter of fiscal year 21, it said in a regulatory filing.

Interest income stood at Rs 4,100.58 million, compared to Rs 3,924.86 million. The bank’s provisions for bad loans and contingencies increased substantially for the September 2021 quarter to Rs 474.95 crore as bad loans increased.

The bank had parked Rs 213.40 crore aside towards the same in the prior year period. There was a deterioration in asset quality and gross non-performing assets (NPA or bad loans) increased to 4.27 percent of gross advances at the end of the second quarter of fiscal year 22, compared to 1.62 percent at the end of the same. period in fiscal year 21. In terms of value, it stood at Rs 4,485.53 crore, compared to Rs 1,486.11 crore.

Net NPAs also increased to 2.09 percent (2,150.34 crore) from 0.43 percent (390.95 crore).

However, the bank said that the gross and net NPAs for the quarter ending September 30, 2020 are not comparable, as an interim Supreme Court order had directed banks that accounts that were not declared as NPA until August 31, 2020 they will not be declared as NPA. . The request relates to the stress caused by the pandemic experienced by customers last year.

On a consolidated basis, the bank posted a net profit of Rs 110.95 million, slightly higher than Rs 109.03 million. Total revenue increased to Rs 4,830.14 crore from Rs 4,090.91 crore.


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Net profit increased almost 50% to Rs 152 crore, revenue jumps to Rs 4,880 crore

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